Ronwan capital distribution

The Baron Waqa government will
commence payment today (Monday, 9 June) of $60-million to
landowners as part payment of the Ronwan
capital.

The Waqa government and the Nauru
Phosphate Royalties Trust (NPRT) have announced the following
schedule:

1.Beginning
the week commencing 9 June 2014, the sick, elderly and
disabledbeneficiaries will
receive payments of RONWAN
capital;

2.Beginning the
week commencing 16 June 2014, payments will be made into the bank
accounts of beneficiaries with bank accounts other than Bendigo
Bank accounts as well as those who have not had their Bendigo Bank
accounts activated yet;

3.Beginning the
week commencing 23 June 2014, payments will be made to
beneficiaries who are entitled to receive up to
$5,000.00;

4.Also
beginning the week commencing 23 June 2014, all remaining
beneficiaries (namely those who do not hold any bank account) will
receive payment through the Nauru Revenue
Office.

While there have been Ronwan
interest payments made over the past few years, the capital funds
have not been paid out.

Realising the poor economic management of past administrations of
the overall Ronwan funds, the Baron Waqa-led Government resolved to
hand over possession of the funds held by NPRT to
landowners.

In December 2013 the Nauru
Parliament tabled and passed the Ronwan Distribution Act
2013.

In April and May this year the Waqa
government has paid out almost $20-million of Ronwan interest to
landowners.

Later this year a further payment of Ronwan Capital of a smaller
amount will be made to landowners once the last remaining assets of
NPRT have been sold at market
value.

External accountants have been commissioned to quantify the total
monies that previous governments owe the Landowners Fund
administered by NPRT.

The Waqa government is committed to
repaying over time the total amount owed to landowners by previous
administrations.

While each landowner will be able to
access their bank statements online, the Waqa government has also
commissioned an online portal that will provide historical
information and reports (24/7) showing land-holdings, Ronwan
income, Ronwan capital and government debt, for all individual
beneficiaries.